Ann: FY22 Appendix 4E and Annual Financial Report, page-51

All fair points @polarbear666 and understand the theory (also agree on the cynicism part). However - and I'm only speaking for myself here - paying me a dividend right now will deposit cash in my account which, in the current inflationary environment, I'm likely to just (carefully) re-invest on the market anyway... so in this case paying a dividend does not really void the capital exposure element. On the flip side, my outlook for Whitehaven is that it'll likely remain a cash cow for at least another 9-12 months, so I'd far rather they continued to reduce the size of the register at the same time they print cash, thus drastically increasing my EPS and therefore my eventual capital return when I choose to exit (albeit understanding that I'll incur tax liability). Lastly, in my view just because the stock is making all time highs does not make it overvalued when it comes to a buyback. I recall someone sledging Whitehaven for doing a buyback at ATH's of $5... Cheers